One in 10 jobs are axed at Amex

Daily Express - - NEWS -

AMER­I­CAN Ex­press is to cut 10 per cent of its work­force, the credit card firm an­nounced yes­ter­day.

About 7,000 jobs will go world­wide but it is not known how many of its 6,000 Bri­tish staff will be af­fected.

The move fol­lows a 24 per-cent slump in the firm’s prof­its for the three months to Oc­to­ber. Cuts will mostly be across man­age­ment and back­room po­si­tions, Amer­i­can Ex­press said.

Chair­man Kenneth Chenault said it will help the firm through “one of the most chal­leng­ing eco­nomic en­vi­ron­ments in many decades”.

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